Almost exactly two years ago, due to our own concern, everything started with the idea to get a grip on the complex topic of correct taxation around Bitcoin and Co. and to deal with the until then, unnoticed topic of compliance/regulation of cryptocurrencies. We saw the solution in developing a seamless tax calculation and monitoring software for Kryptotrader, which should enable everyone to calculate their tax burden easily and with little effort. Now we are celebrating our second year full of opportunities and challenges. A year in which our platform was the focus of our development. A year in which we have found new partners and supporters and have grown as a team. And last but not least, another year in which we were able to work together with great users and companions on a daily basis. (If you are interested in the first year of Blockpit, you can read the details here.)
As a young company we have managed to gain a foothold in this difficult market, now we want to look back on the past year together with you:
- 2019 began with the launch of our version 1.0 of the Blockpit platform, which we had been working on for many months. With this first full version many new functions and improvements were noticeable for you as a user – one of them was the error handling. A possible error is displayed in the error log, allowing you to solve the problem yourself with just a few clicks. The error log indicates from which coin/token which number, in which period and in which widget was incorrectly entered or missing. In addition, the calculation method can be changed independently with the new version. In addition to the selected calculation method, the most important information is also displayed in so called tranches. This includes the time of purchase, information about the amount of the respective coin and the date when the coin falls out of the speculation period. The ultimate function for all Hodlers and occasional traders or those who simply want to sell tax-optimized.
- Shortly afterwards, in February, we introduced our next innovation, the Blockpit Mobile App, which allows users to access their digital assets while on the move. The mobile version of the web app is hardly lagging behind and also contains many important functions that enable an overview of the own portfolio, the tax reports and the crypto market. In addition, transactions and exchanges can be entered very easily. The app is available free of charge in the App Store and Google Play Store.
- After the two technical renewals we reached another milestone in April: Our TAX Token – Austria’s first sold Security Token. As a modern financial product with its flexibility, the security token itself opens up completely new possibilities for companies to finance themselves. Together with our technology partner CONDA, we also presented the world’s first legally secured decentralized network protocol for the implementation of tokenized security and equity offerings. In contrast to a classic security paper, the Security Token is a freely configurable “Smart Contract”, which can be defined very flexibly by the issuer due to its technological nature in its type and scope.
- Thanks to this token, we have accumulated more than 2.5 million euros with the Security Token Offering (STO) together with the investment of the European Super Angels Club. In addition to equity, the investors signed the same amount of investment in tokens. We are happy to have Berthold Baurek-Karlic and the European Super Angels Club as such a strong partner on our side. The planned goal is to fill the STO with a cap of 5 million euros by the end of the year.
- At the end of May, we were able to celebrate another great success, when we published our free crypto tax guide for Austria, Germany and Switzerland. The aim was to provide information on the correct taxation of cryptocurrencies to the general public, free of charge creating a freely accessible and central point of contact for traders, miners, hodlers and Co. This has been implemented in close cooperation with Ecovis Austria, Linde Verlag and Trending Topics. The 51-page guide answers many questions on cryptocurrencies and taxes in Austria, Germany and Switzerland as well as general questions on Bitcoin, Ethereum, IOTA and Co. The guide is intended to establish a direct reference with the help of practical examples and be comprehensible for everyone. More details on the practical examples can be found on our blog.
- Also, our blog could enjoy about numerous new readers. With the series of blogs on countries and their crypto laws, we regularly inform our readers about the tax and regulatory conditions in other countries. Since July of this year, we have added another series in which we present our readers with a new coin/token every two weeks. Interested readers are provided with general information on various cryptocurrencies.
- In addition to these numerous events and innovations, this year we had the pleasure of welcoming Linde Verlag, another partner at our side. We work in close cooperation to make our knowledge and our platform accessible to tax consultants and to support them in their handling. Recently we organized together with the Linde publishing house an expert talk about cryptocurrencies and taxes, which should give tax consultants a first overview of our software.
All these milestones are largely due to a single component: The team. Flat hierarchies, short decision-making paths and communication at eye level can lead to harmonious and efficient cooperation that promotes the strengths of the employees. This working method is supported by our location in the Strada del Startup (Tabak factory, Linz). This start-up ecosystem has also deepened cooperation with other companies and created mutual added value.
Together, we celebrated Blockpit’s two-year anniversary in August of this year. We would like to take this opportunity to thank all those who supported us and accompanied us this year, not least our users, who give us feedback again and help us to improve further.
Despite many beautiful moments and exciting challenges in the last two years, we know that many more tasks and goals will come our way. Above all, because we have positioned ourselves in the middle of an emerging market that is still at the very beginning of its development. All the more reason for us to look forward to Blockpit’s third year together with many new companions and partners.